05/05/2026

BIZ & FINANCE TUESDAY | MAY 5, 2026

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Milolo makes commendable debut on LEAP Market

Global supply crisis signal for Malaysia to speed up green energy shift: Expert KUALA LUMPUR: Global supply disruptions caused by geopolitical conflict in West Asia are a clear signal that Malaysia must reduce its reliance on fossil fuels and accelerate the transition to renewable energy, an economic expert said. Distinguished Professor Datuk Dr Rajah Rasiah, the executive director of the Asia Europe Institute at Universiti Malaya, noted that renewable sources currently account for only 20% of the country’s energy supply, with just two per cent from solar and wind, and 18% from hydropower. “Efforts to reduce dependence on fossil fuels in Malaysia are progressing too slowly. “We need to shift towards renewable energy such as solar and wind, as seen in developed countries and Indonesia,” he said on Bernama TV’s Apa Khabar Malaysia programme yesterday. He said efforts to accelerate the green transition must be intensified in line with global commitments to cut carbon emissions and achieve carbon neutrality by 2050. Rajah did not rule out the possibility that ongoing geopolitical tensions in West Asia could trigger an “energy emergency”. He said the situation is becoming more apparent as crude oil prices have surged to around US$100 (RM397) per barrel, up from about US$50 previously, increasing the government’s subsidy burden. “As a net oil importer, we face challenges when crude oil prices spike to US$100 per barrel. Malaysia consumes about 700,000 barrels of oil daily,” he said. The professor said that the country’s reliance on imported oil has reached about 50% of domestic demand, forcing the government to bear high costs to maintain subsidised fuel prices, including RON95 at RM1.99 per litre. On the impact on lower-income groups, he said targeted subsidy mechanisms must be strengthened to ensure assistance reaches those who need it most. “The issue now is that all Malaysians enjoy the same subsidised price at petrol stations regardless of income. This needs to be reconsidered. We must protect the poor, rather than provide blanket subsidies for all,” he added. – Bernama

o Company opens and closes at 12 sen, a 20% premium over offer price

replaced by other trending IPs,” he said. He added that the broader industry outlook remains positive, with IP-driven products gaining traction across lifestyle segments. “You can see more people carrying plushies, and IP designs are expanding into apparel, caps and other lifestyle products. younger consumers are becoming more comfortable adopting such trends. “For the next few years, I

as DIY workshops and artificial intelligence, while continuing to collaborate with local designers to develop Malaysian-origin characters.” “All our designers are local, and we want to introduce something different, not just in design, but also in functionality and creativity,” he said. Domestically, the group plans to open two to three new outlets this year, including locations in KLCC, Seremban Gateway and Velocity, before expanding further into Penang, Johor and the East Coast. “For this year, we will have

Ű BY HAYATUN RAZAK sunbiz@thesundaily.com

KUALA LUMPUR: Malaysian toy company Milolo Bhd made its debut on the LEAP Market of Bursa Malaysia yesterday, opening at 12 sen for a 20% premium over its initial public offering price of 10 sen. The counter closed at 12 sen also. Ahead of the listing, Milolo raised RM3.5 million through two private share subscription exercises in February, involving the issuance of 45 million shares and 25 million shares to independent private investors. For the financial year ended Sept 30, 2025, Milolo’s profit after tax surged twentyfold (1922.22%) to RM1.82 million, from RM0.09 million in the previous financial year, driven by strong demand for products linked to the global pop toy and blind box trend. Revenue rose 68.35% to RM11.33 million, supported by higher retail sales following the opening of four new outlets during the year, while net profit margin improved to 16.05% from 1.39% previously. Managing director Datuk Millan Lee ( pic ) said yesterday the group’s performance was driven by strong demand for trending collectible characters, including Labubu and Twinkle Twinkle. “It’s thanks to the pop market like Labubu, especially Labubu and Twinkle Twinkle. Demand has been very strong, and prices have increased significantly, which boosted our profit,” he told the media after the company’s debut on the LEAP Market. Lee said demand in the segment is expected to remain resilient this year and the next few years, supported by an expanding collector base and continued interest in new characters entering the market. “While the popularity of certain characters like Labubu may moderate, it is being

believe we will continue to grow as more collectors look for a wider range of IPs,” he said. Lee said that external risks remain manageable, with the geopolitical developments in the Middle East having had only a minor impact on operations, mainly in the form of short shipping delays. “Our logistics model involves frequent shipments rather than large container loads, which helps mitigate disruptions. We ship almost daily because our products move fast, so delays are manageable,” he said. Milolo currently operates 10 retail outlets across major shopping malls in Peninsular Malaysia, including Pavilion Bukit Jalil, Mid Valley Megamall, Sunway Pyramid, 1 Utama, IPC and Mahkota Parade. The group is primarily a distributor and retailer of third-party collectible brands such as Pop Mart, Top Toy and Funism, alongside its own proprietary products. However, its IP strategy remains at an early stage following the launch of its first proprietary character in 2025. This places Milolo in the mid-tier of the collectibles value chain, where revenue is currently driven by retail and distribution as it seeks to move towards higher-margin IP ownership. Lee said Milolo is ramping up its IP pipeline, with plans to launch two new IPs this year and three to five next year, as it looks to strengthen its proprietary portfolio. “The new IPs will incorporate elements such

another two or three outlets, first in KLCC, another in Seremban Gateway, and then coming will be somewhere in Velocity,” he said. The group is targeting overseas expansion into Thailand, Indonesia, China and Singapore within the next two to three years as it seeks to tap into growing demand for collectible toys across the region. “For the overseas expansion, we are targeting within the next two to three years. First, we will target Thailand and Indonesia, and China and Singapore as well,” Lee said. He added that the group will adopt a flexible market entry strategy depending on local regulatory requirements and cultural preferences. “Depending on the country, the regulations and the culture, some markets may be through partnerships, while in others we will try to directly manage and own the operations under Milolo Bhd,” he said. Milolo is also targeting a migration to the ACE Market within the next two to three years, as it scales its operations and strengthens its market position. “Besides raising our profile and visibility, our LEAP listing is a key step towards our eventual listing on higher-tier markets,” the group said. DWA Advisory Sdn Bhd is the approved adviser and continuing adviser for Milolo’s listing.

Mara Corp, Batik Air collaborate on aviation MRO and talent development PETALING JAYA: Mara Corporation Sdn Bhd (Mara Corp) has formalised a strategic partnership with Batik Air through the exchange of a letter of intent (LoI), marking a significant milestone in strengthening Malaysia’s aviation maintenance, repair and overhaul (MRO) capabilities and human capital development pipeline. engineer programme. This initiative will be supported through structured training at UniKL MIAT, financial sponsorship in the later years, and potential employment opportunities upon successful certification, further strengthening Malaysia’s aviation talent ecosystem.

Amir Azhar said, “As Mara commemorates six decades of nation-building, this strategic collaboration reflects Mara Corp Group’s continued commitment to advancing Malaysia’s high-value aviation industry through capability building, industry partnerships and talent development. Together with Batik Air, we aim to position Malaysia as a competitive regional hub for MRO excellence.” He added that the collaboration represents a significant step in reinforcing Mara Corp’s aviation portfolio, while unlocking long-term value through strategic industry alignment, operational enhancement and workforce readiness. This LoI also sets the foundation for a potential joint venture or shareholders’ agreement, including interim management arrangements and long-term infrastructure development to support the growth of Malaysia’s aviation sector.

The LoI exchange ceremony was held in conjunction with Majlis Amanah Rakyat’s (Mara) 60th anniversary gala dinner at the World Trade Centre Kuala Lumpur, witnessed by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi. The LoI was signed by Mara Corp acting group CEO Datuk Amir Azhar Ibrahim and Batik Air CEO Datuk Chandran Rama Muthy. Both parties intend to explore the restructuring of Asia Aerotechnic Sdn Bhd (AAT), alongside the establishment of a long-term partnership in aviation MRO and the development of a sustainable aviation talent pipeline. A key component of the initiative includes Batik Air’s intention to establish base maintenance operations at the hangar facilities in Subang, leveraging existing infrastructure and technical capabilities to enhance operational

Amir Azhar exchanging the LoI with Chandran, witnessed by Zahid.

readiness and capacity. In addition, the partnership places strong emphasis on human capital development, with

Batik Air committing to recruit up to 200 Mara Junior Science College (MRSM) students over four years into the CAAM Part 66 licensed aircraft